In Brief: Corillian Acquiring Calif. Software Firm

HILLSBORO, Ore.  Corillian Corp. announced Monday that it has agreed to acquire Hatcher Associates Inc., a privately held software firm, for about $24 million in stock.

Hatcher, of Los Angeles, would become a subsidiary of Corillian, which provides software solutions to some of the largest banks and financial services companies. Hatcher would be renamed Corillian Services Inc.

Corillian is to issue up to 1.8 million shares of its common stock to shareholders of Hatcher Associates. The purchase price is based on $12.84 for each Corillian share.

Our customer base has grown significantly, said Ted Spooner, president and chief executive officer of Corillian. This acquisition allows us to continue meeting the needs of those customers, while adding additional expertise and knowledge to our implementation teams.

Four-year-old Hatcher implements consumer packages and Internet software for the banking industry. It has completed projects at more than 40 banks around the world.

We have worked closely with Corillian in the past on various projects, said David Hatcher, president and CEO of Hatcher Associates. We are excited to become part of Corillian.

14-Day Free Trial

The increasing adoption of virtual card payments by accounts payable departments has created an unex­pected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables.